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The Acknowledgment of Debt Agreement is a vital legal instrument used in Hong Kong when a debtor formally recognizes their financial obligation to a creditor. This document is particularly useful in situations where an existing debt needs to be formally documented, payment terms need to be restructured, or when the limitation period for debt recovery needs to be renewed. The agreement typically outlines the original debt's details, current amount owed, repayment schedule, interest rates, and default consequences. It provides protection for both creditor and debtor by clearly documenting the terms of the debt and repayment obligations. Under Hong Kong law, this agreement carries significant legal weight and can be used as evidence in court proceedings. It's commonly used in both business and personal contexts, particularly when dealing with substantial sums or complex payment arrangements.

1. Parties: Identifies and defines the Creditor and Debtor with their full legal names and addresses

2. Background: Describes the context of the debt, including its origin and current status

3. Definitions: Defines key terms used throughout the agreement

4. Acknowledgment of Debt: Clear statement of the debt amount and the Debtor's unequivocal acknowledgment of the obligation

5. Payment Terms: Specifies the repayment schedule, installment amounts, and payment methods

6. Interest: Details of any interest charges, rates, and calculation methods

7. Events of Default: Defines circumstances constituting default and their consequences

8. Representations and Warranties: Debtor's confirmations regarding their capacity and authority to enter into the agreement

9. General Provisions: Standard clauses including notices, amendments, governing law, and jurisdiction